2022年《CFA三級》考試共240道單選題。咱們幫考網為大家帶來了精選模擬習題10道，附答案解析，供大家考前自測提升!

1、Ward is scheduled to visit the corporate headquarters of Evans Industries. Ward expects to use the information he obtains there to complete his research report on Evans stock. Ward learns that Evans plans to pay all of Ward’s expenses fｏｒthe trip, including costs of meals, hotel room, ａｎｄ air transportation. Which of the following actions would be the best course fｏｒWard to take under the Code ａｎｄ Standards?【單選題】

A.Accept the expense-paid trip ａｎｄ write an objective report.

B.Pay fｏｒall travel expenses, including costs of meals ａｎｄ incidental items.

C.Accept the expense-paid trip but disclose the value of the services accepted in the report.

正確答案:B

答案解析:The correct answer is B. The best course of action under Standard I(B)—Independence ａｎｄ Objectivity is to avoid a conflict of interest whenever possible. Therefore, fｏｒWard to pay fｏｒall his expenses is the correct answer. Answer C details a course of action in which the conflict would be disclosed, but the solution is not as appropriate as avoiding the conflict of interest. Answer A would not be the best course because it would not remove the appearance of a conflict of interest; even though the report would not be affected by the reimbursement of expenses, it could appear to be.

2、Are the three compliance procedures reviewed by Campanelli consistent with both the required ａｎｄ recommended standards of the CFA Institute AsｓｅｔManager Code of Professional Conduct?【單選題】

A.No, the procedures regarding record retention are inconsistent.

B.No, the procedures regarding portfolio review are inconsistent.

C.No, the procedures regarding investigation of complaints are inconsistent.

正確答案:C

答案解析:C is correct. According to the recommendations of Section D(2) of the AsｓｅｔManager Code, where possible, the CCO should be independent from the investment ａｎｄ operations personnel ａｎｄ should report directly to the CEO ｏｒthe board of directors.

3、The strategy that is most likely to benefit from the environment described by Monts in Statement 3 is to:【單選題】

A.rotate from consumer non-cyclical to consumer cyclical sectors.

B.increase exposure to the crossover sector.

C.shift the portfolio’s positions to shorter duration corporate bonds.

正確答案:C

答案解析:Curve-adjustment trades take place when the portfolio manager expects credit spreads will widen (either overall ｏｒin a particular sector). The specific strategy is to shift the portfolio’s exposure to shorten spread duration by selling longer maturity corporate bonds ａｎｄ buying shorter maturity bonds, which lowers the contribution to spread duration.

4、Sigma can most likely reduce credit risk in its OTC derivatives positions by changing which of the following practices?【單選題】

A.Netting

B.Frequency of marking to market

C.Limiting counterparty exposure

正確答案:B

答案解析:Sigma typically enters two-year contracts ａｎｄ does not mark to market until expiration of the contract. Increasing the frequency of the marking to market will decrease credit risk. When a contract is marked to market, the party fｏｒwhom the contract has a positive value receives payment from the counterparty, thus eliminating credit risk. Consequently, more frequent marking to market decreases credit risk.

5、Based on Exhibit 1, Kiest’s liabilities would be classified as:【單選題】

A.Type I.

B.Type II.

C.Type III.

正確答案:A

答案解析:A is correct. Type I liabilities have cash outlays with known amounts ａｎｄ timing. The dates ａｎｄ amounts of Kiest’s liabilities are known; therefore, they would be classified as Type I liabilities.

6、If Motelli’s current investment account of €250,000 is invested in an asｓｅｔwhich is expected to earn annual interest of 6.5 percent ａｎｄ no capital gains, what is his expected after tax accumulation in 15 years?【單選題】

A.€578,664.

B.€586,547.

C.€642,960.

正確答案:B

答案解析:B is correct. The after tax wealth accumulation fｏｒannually taxable income isFVIFi = [1 + r(1 – ti)]nFV = €250,000 × FVIFi = €250,000 × [1 + 0.065(1 – 0.10)]15= €586,547

7、Based on Exhibit 1, which of the portfolios will best immunize SD&R’s single liability?【單選題】

A.Portfolio 1

B.Portfolio 2

C.Portfolio 3

正確答案:B

答案解析:B is correct. In the case of a single liability, immunization is achieved by matching the bond portfolio’s Macaulay duration with the horizon date. DFC has a single liability of $500 million due in nine years. Portfolio 2 has a Macaulay duration of 8.9, which is closer to 9 than that of either Portfolio 1 ｏｒ3. Therefore, Portfolio 2 will best immunize the portfolio against the liability.

8、Ng’s response to Kepler’s question about the most efficient portfolio management strategy should be:【單選題】

A.full replication.

B.active management.

C.an enhanced indexing strategy.

正確答案:C

答案解析:C is correct. Under an enhanced indexing strategy, the index is replicated with fewer than the full ｓｅｔof index constituents but still matches the original index’s primary risk factors. This strategy replicates the index performance under different market scenarios more efficiently than the full replication of a pure indexing approach.

9、Considering Zubov’s statements to the investment committee regarding Hoven University’s endowment, he is least likely correct with respect to:【單選題】

A.liquidity need.

B.total return objective.

C.risk tolerance.

正確答案:C

答案解析:The endowment’s risk tolerance is low to moderate, not high, because the endowment’s contribution represents 25% of the university’s operating budget. Thus, a modest ｄｒｅｐin the endowment’s value may have a significant impact on university operations. Another factｏｒsupporting a lower risk tolerance is the use of a simple spending rule. The absence of a smoothing rule means the endowment has less tolerance fｏｒshort-term portfolio risk. Although a return objective of 7%–7.5% may ostensibly be used to support a higher risk tolerance, the risk of a short-term drawdown poses a much larger risk ａｎｄ thus, on balance, a low to moderate risk tolerance is more appropriate fｏｒthe endowment.

10、Are Pearson///////////////////\\'s statements regarding the disadvantages of the historical method fｏｒestimating VaR most likely correct?【單選題】

A.No, the second statement is not a disadvantage.

B.No, the first statement is not a disadvantage.

C.Yes.

正確答案:B

答案解析:The nonparametric feature of the historical method is an advantage, not a disadvantage. The historical method requires minimal probability-distribution assumptions compared with other methods.

不積跬步無以至千里，不積小流無以成江河。每天積累一小點，離考試成功近一大步!幫考網近期都會更新題庫，有需求的小伙伴們趕緊跟上腳步，幫考網助你考試成功 !